Todays Outlook for EUR/USD
Monday, February 06, 2012
by Carol Harmer of Charmer Charts
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Taken from www.charmercharts.com
EUR/USD:
Euros have excellent support in the 1.3015/10 area1.3015/10 area...and this will be the key.. If the market
declines initially...we will look for this support to hold if we are to complete this basing pattern…
We would then expect the market to rise off this support and once more we are looking to 1.3240 as key
resistance on the topside...If we manage to hold 1.3005 and trade higher we still have the inverse H&S
pattern to negotiate this week...The break point on the topside is 1.3270 and if we break above here we
have a measured target of 1.3895 over the next few months,
Failure to hold over 1.2950 will make this pattern obsolete and we will then find the market trying for the
previous reaction lows of 1.2620 over the next few weeks…
We are at critical point in the Euro and we have positive technical indicators on the med term charts...so
be careful and take quick profits in either direction.
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank.
She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
